Group Ten Metals Inc. (PGE:TSX.V; PGEZF:OTCQB; 5D32:FSE) closed the first tranche of its nonbrokered private placement for gross proceeds of CA$1,500,499, it announced in a news release.
Via the transaction, the Vancouver-based company issued 10,715,850 units at CA$0.14 apiece. Each unit comprises one common share and one half-share purchase warrant. With each full warrant, the holder may buy one common share at CA$0.21 for 36 months after closing.
Group Ten stated that it intends to use the proceeds for working capital and for exploring its Stillwater West platinum group elements-nickel-copper project in Montana. In that regard, Group Ten's company's exploration team is on site, and its drill contractor is en route, for the start of work in the near term.
"We are very pleased with the response to both our 2019 program and now our placement. Our exploration team is in place and our drill contractor is now mobilizing to site to begin work in the near term. We look forward to making further announcements in this regard soon," stated President and CEO Michael Rowley.
The company noted that the news release does not constitute an offer of securities for sale in the United States.
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